Exercise 5-09 a-b

Presented below is information for Kingbird, Inc. for the month of March 2020.

Cost of goods sold		$212,500		Rent expense		$32,460
Freight-out		6,490		Sales discounts		7,740
Insurance expense		5,570		Sales returns and allowances		12,990
Salaries and wages expense		55,700		Sales revenue		386,050

Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Kingbird, Inc. Income Statement March 31, 2020For the Month Ended March 31, 2020For the Year Ended March 31, 2020
DividendsGross Profit / (Loss)Retained Earnings, March 31Operating ExpensesTotal Operating ExpensesSalesNet Income / (Loss)Retained Earnings, March 1Total ExpensesTotal RevenuesNet Sales
			$
AddLess :
		$
Retained Earnings, March 31 Total Operating Expenses Total Expenses Dividends Net Income / (Loss) Retained Earnings, March 1 Total Revenues Sales Net Sales Gross Profit / (Loss) Operating Expenses
Net Income / (Loss)Total RevenuesSalesTotal ExpensesOperating ExpensesNet SalesRetained Earnings, March 1Total Operating ExpensesRetained Earnings, March 31DividendsGross Profit / (Loss)
Net Income / (Loss)Total Operating ExpensesRetained Earnings, March 1Retained Earnings, March 31SalesDividendsTotal ExpensesTotal RevenuesNet SalesGross Profit / (Loss)Operating Expenses
Total Expenses Total Revenues Operating Expenses Sales Retained Earnings, March 1 Total Operating Expenses Net Sales Gross Profit / (Loss) Dividends Net Income / (Loss) Retained Earnings, March 31
Retained Earnings, March 1 Net Sales Gross Profit / (Loss) Dividends Operating Expenses Retained Earnings, March 31 Total Revenues Total Operating Expenses Net Income / (Loss) Sales Total Expenses			$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.)

Gross profit rate

%